Livif Inc. is currently paying dividends of $7\%$ per year on $$171$ par value preferred stock. The current price of Livif common stock is $$61\mathrm{.}07$ per share. Flotation costs are $9\%$ of the market price when Livif issues new preferred stock. What is Livif's cost of new preferred stock? Submit your answer as a percentage and round to two decimal places $($Ex$.0\mathrm{.}00\%)$